The Irish Bank Officials' Association (IBOA) has deferred next Monday's strike at National Irish Bank after receiving an improved offer.
Management has agreed that staff can opt for an incremental salary scale instead of the performance-related pay system it has been trying to introduce unilaterally.
It has also modified its proposals for junior bank officials, who make up 60 per cent of IBOA membership at the Australian-owned bank.
Whichever scheme permanent employees opt for, they will receive a £1,000 lump sum. Previously this had only been available to staff who opted for the performance-related scheme. Temporary employees will receive £250 each for agreeing to the implementation of the new scheme.
All 300 junior bank officials will be able to progress to at least grade two on the pay scale, raising their basic scale from £18,250 (€23,173) at the maximum to £21,700. In addition to the pay elements of the deal, issues of trust and other industrial relations matters are to be reviewed.
IBOA deputy general secretary, Mr Larry Broderick, has welcomed the settlement, which followed three days of intensive negotiations. "It is unfortunate that it took the threat of all-out action, which is not in the interests of staff or customers," he said yesterday.
The proposals are being put to members with a recommendation for acceptance. "We hope we can build a new and improved relationship with NIB into the future," Mr Broderick added.
